For any law firm, no matter the size, ensuring proper financial management is essential. At Playfair, in association with The Strategic Partner, our Financial Outsourcing service offers precisely that. Think of this service as employing your own Finance Director and Management Accountant team whilst only paying a fraction of the cost. This service will also enhance the creditworthiness of your financial status with external stakeholders.
The Financial Outsourcing service includes:
- Annual budgets based on individual fee earner times and rates.
- Regular management accounts, detailing profitability and fee earner and group breakdowns.
- Full commentary highlighting critical areas in the reports and comparisons to budget.
- Interaction with stakeholders (such as banks) to assist with communications.
Find out more about each of these aspects in more detail below.
Planning is essential. With Playfair’s Financial Outsourcing service, your law firm will be provided with annual detailed profit and cash budgets, allowing you to consider all the finances flowing in and out of the firm. Planning, in this sense, allows for maximum success. If something doesn’t work one year but is catered for financially in the next, this outstanding budget can be allocated to something more practical, ultimately leading to exceptional ongoing improvements as a whole.
With this service, your firm will benefit from informative management information and analysis of your performance, with detailed records highlighting profitability to ensure any gaps or issues are highlighted where necessary. This includes itemised fee earner and group breakdowns where appropriate to ensure that each department is aware of its ongoing situation and how to improve.
With this, the entire firm can understand where any issues lie and, subsequently, how to overcome such problems, whether directly relating to finances or other operational aspects of the company.
Outsourcing this work allows your firm to understand its financial standpoint on an ongoing basis, enabling room for improvement, which is paramount for any successful enterprise.
With all of the documentation that Playfair provides as part of the Financial Outsourcing service, we provide comprehensive and detailed commentary. This delivers an ideal opportunity to highlight issues and offer advice, guidance and solutions. Therefore, your law firm will make the most of any enhancements that may be on offer and also ensure that you stay up to date with any changes introduced by the Solicitors Regulation Authority (SRA) relating to law firm finances.
For any business, multiple stakeholders are always involved. Proper interaction with these stakeholders improves business credibility and cooperation.
Playfair has extensive experience of working with various third parties including bank and other funders, and are seasoned in negotiating and arranging relevant arrangements that benefit your firm.
Contact Playfair and The Strategic Partner today if your firm is considering outsourcing its financial management.
We can create a service that is bespoke to your firm’s size, priorities and requirements, with reasonable pricing.
To speak to us about your firm today, please call 0203 911 9710 or email firstname.lastname@example.org